Subsequent Event

12 Months Ended

Dec. 31, 2016

Subsequent Event.

Subsequent Event

NOTE 15 – Subsequent Event

On March 1, 2017, TWC acquired 100% of the shares of Hotel Donauwelle Betriebsgesellschaft M.B.H, which owns a four-star business hotel located in Linz, Austria.  The hotel is situated on the banks of the Danube River in Linz, approximately 35 minutes driving time from our Route 55 Casino.  The assets acquired include the ground lease rights through the year 2061 on the plot upon which the hotel building stands, and the building contents.  The hotel features 176 rooms, six meeting/banquet rooms, a 120-seat restaurant, a 40-seat bar, a 100-seat terrace, and a spa and gym room.   The total acquisition cost was €4,933, or $5,199, inclusive of the €4,263, or $4,493, purchase price.  TWC paid cash of €1,000, or $1,054,  and the balance was financed through the assumption of an existing 5-year bank loan in the amount of €3,933, or $4,145, from Erste Bank, Austria, with a fixed-interest rate of 2.95%, paid quarterly, ending December 31, 2021, pursuant to which the €1,933, or $2,037, remaining balance will be either paid off or financed.